Saturday, July 2, 2016

The NHP Foundation,
an NHC member, recently acquired the Mark Twain Hotel in Chicago in partnership
with Pembrook Capital Management LLC,
The Chicago Community Loan Fund, Bellwether Enterprise Real Estate Capital,
US Bank and the City of Chicago Department of Planning and Development. The
Foundation will preserve and maintain the property as affordable apartments
under the city’s new single-room occupancy preservation ordinance.

The building
includes 152 single-occupancy units and over 9,000 square feet of ground-floor retail
space. The NHP Foundation expects to begin the development phase of the project
in 2017 and plans include upgraded kitchens and the addition of community
space. The property will be listed in the National Register’s ProposedResidential Hotels in Chicago,
1900–1930 group designation, which recognizes the accommodation
from this era as historically significant.

“Since 1932, the Mark Twain Hotel has been a landmark of the
Gold Coast neighborhood. The acquisition and future renovation of the property
by the NHP Foundation is an incredibly exciting project for all parties
involved,” Richard Burns, president
and CEO of the NHP Foundation, said in a statement. “We are proud to be a part
of Chicago’s efforts to preserve its affordable housing, and we are delighted
with the opportunity to significantly improve the property while providing a
better quality of life for the residents.”

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About the National Housing Conference

Formed in 1931, the nonprofit National Housing Conference is dedicated to helping ensure safe, decent and affordable housing for all in America. Through nonpartisan advocacy, research and communications for the continuum of housing, NHC develops ideas, resources and policy solutions to move housing forward.